Show THE SALT LAKE TRIBUNE WEDNESDAY MORNING 5 1924 Our Cooling System Keeps The Paris Congressman Takes Issue With Writer on New Deal 15° Cooler Than the Street! CZ7 Continued Prom Preceding Pre Tthe repudiation of private contracts the previous fiscal year Does MrU Ihe closing days pf congress a bill: ’was rushed through which provides Lippmann believe that under ratonum on all farm mort- other administration we would havefor a lncurred the tremendous increase in gages for a long period of years in our public debt and with it the in- event the individual feels that he t? creased interest charges that have not able to carry on under the conditions of his mortgage contract It been incurred under the new deal? These are only' two out of many is a matter of common knowledge uch instances which might be cited that the congress passed the bill in of extraordinary increases in the "or- order to “play up” to the Agricultural vote for another-- Democratic condinary expenditures" due solely to the profligacy of this administration gress afterTJemticratic leaders had assurance that the —a profligacy that would not have given private would veto the bflL It is occurred in any other administration president Mr Lippmann denounces the clas- also a matter of common knowledge sification of the Reconstruction Fi- that political pressure forced the nance corporation loans and invest- president to sign this bill ments as expenditures Rainey Quoted He claims this is a rank deception In that ' The Democratic speaker of the event Mr Lippmann’s quarrel is house of representatives Mr Rainey Fletcher but with the office of the "e!1I’sfiiifs1l?ti®ffT(f 1 '“'piftJfi'S secretary of the treasury which in dress June 27 in which he said:" “In its daily statement lists advances out the United States we are now legisdebtor classes and we of the treasury to the Reconstruction lating Finance corporation as "emergency propose to continue that character of: expenditures" The statement Issued legislation” from the office of the secretary of Officials of the administration in the treasury June 30 showed that item public addresses in various sections' of the country are already pointing! of expenditure to have been for the liscal year ending as Out to their audiences how this administration is- pouring money into of that date their communities relieving them of If would not call their debts and asking them if in taking that much money out of the view of such treatment it would not treasury of the United States an ex- be ingratitude on their part to rependiture just how would he clas-- ' fuse to support the administration in ify it? the coming elections Questioned' Expenditures Is there not a reasonable expectHe complains that the $7000000-C0- ancy therefore that on the eve of the is false because it includes “the presidential campaign when this adnormal for public ministration will be fighting for its expenditures works" Just what are “normal" ex- life bills will be rushgd through a if one is elected penditures for public works? Every Democratic congress member of the house committee on this fall to charge off all the loans been mgde to individuals appropriations of which I have the which have honor of being one knows the hear- by the Home Owners’ Loan corporaings on the appropriation bills devel--ope- tion the Farm Mortgage corporation a great number the housing act etc? dhe fact-thIf in' order to win the coming conof projects which had been turned down repeatedly without any party gressional elections this administradivision by previous sessions of con- tion sends its officials into the several gress because they lacked merit and states appealing fo support upon the could not possibly be of any public ground that the federal government aervice have been allocated millions is a Santa Claus what reason is there to expect that it will not be repeated Of dollars under the new eal There have been great irrigation in two years and that all of the conbecofoe actual projects approved by this adminis- tingent liabilities will tration for political Teasons and tens liabilities? If- - this as Mr administration of millions of dollars allocated fbr their construction Would Mr Lipp- - Rainey says is going to continue tp mann call' these “normal” expendi- legislate in behalf of the debtor classes what better field in which to tures? 4 In a flat refutation of Chairman operate in two years than to write the debts individuals owe the fed-—Fteteher’g statement that “the deal has cost to date $7000000000” eral government and have it charged Mr Lippmann states: “The cost of to the taxpayers? 'Creditors of U S the 'new deal to date that is for the fiscal year 1934 is somewhere beMr Lippmann says: “To misrepre-tween two and three billions” Again sent the financial position of the Mr Lippmann finds himself at vari- government at a time like this is a ance with the official admission of serious business” Correct If Mr the office of the secretary of the Lippmann had made several loans of Its statement the fiscal for treasury doubtful character and if he were year ended June 30 1934 gave the the indorser of several notes with thej the under “emergency” expenditures prospect that he woujd bci new deal as $4004135530 which is probable to pay them how would compelled great deal in excess of Mr he list these transactions if he were “somewhere between two and called upon to make a statement to " three billions” his creditors as to his finapcial'posi-tionMr Lippmann’s greatest grievance He insists tie would not list however is against the statement re-- : the actual cash loans as' expenditures future particugarding expenditures and that he would take no cognizance larly the contingent obligations of whatever of the notes he had in$8000000000 assumed by the govern dorsed He yvould find however that ment in guaranteeing payment of his creditors would not take the same principal and interest of farm loan view bonds home loan bonds insuring The taxpayers and the people of mortgages under the housing act the United States as a whole are the etc Mr Lippmann exclaims: In creditors of this government “But these are not expenditures making a financial statement to them They could become expenditures only it is downright dishonest to pretend of- - billions of 4n so far as these bonds were de- that- - the payiag-ofaulted and unless Mh Fletcher cares dollars to hundreds of thousands of an in to argue that they are all going to be individual borrowers caught defaulted- - he has no right to count extremity is not an expenditure Unthem as costs which the taxpayer der an administration committed to must meet” the policy of repudiation of private contracts the confiscation of wealth Example Cited and legislation against the creditor Let that statement be analyzed classes it is a concealment of the Take one example which will suffice truth not to list as liabilit ies billions for the others Up to the end of of dollars of loans the cancellation June the Home Owners’ Loan cor- of which will probably be demanded poration had loaned over a billion by the greatest political pressure everj dollars to individuals Mr Lippmann exerted in the United States: says this cannot be charged as an It is not political terrorism to tell! expenditure until after the borrower the taxpayers of this country exactly! has proved himself unable or unwhere they stand today and Where willing to repay the loan Surely they may reasonably expect to stand Mr Lippmann does not conduct his two years from now if they reelect a private business on that basis subservient to the present congress The mechanism behind the various administration contingent obligations aggregating And the fact remains Mr Lipp- $8000000000 is not so intricate but mann to the contrary that in addition that even Mr Lippmann should be to appropriations by the previous able to graspit Hundreds of thoufor expenditure during the sands of home owners and farmers congress the total approprialast fiscal found themselves in a position where tions of the year or seventy-thirthey were likely to lose their prop- t’new deal" congress are approxierty The government stepped in mately $18800000000 while the and set up machinery which was to contingent obligations amount sell bonds and loan the proceeds to known to $8000000000 a grand total ofi home owners and farmers Congress about To this must! $27000000000 in setting up this machinery felt be added the amounts involved in all grave doubts as to the ability of the of the unlimited authorizations when borrowers from these agencies to definite sums are provided meet the interest on the loans so it such CHESTER C BOLTON guaranteed the payment of interest Washington July 12 1934 in event the individual borrowers defaulted But the government agencies found it impossible to market the bonds - because there was serious doubt o the ability of the prospective borrowers to repay the principal was- - a very MliRICANi'“ALLS"r'!3a'fiT- likely possibility by amending the act so that the federal government though they have been producing guaranteed the payment of the prin-- - nearly a million gallons every 24 hours during the hot weather the cipal as well as the interest two wells drilled last year for the What are the actual prospects of waterworks system the repayment of the principal and American Falls no signs of lessening have Interest on these loans? First it Theshown pumps of both wells were must be understood the loans are not shut down last week and the pumps h for going concerns nor for invest- of the U S reclamation bureau are ments nor lor production of crops the or manufactured goods nor to em- again delivering on water froth the A W Davisi Rueger Springs ploy labor but for the sole purpose ranch of tiding over individuals who are The was made under the unfortunate enough to be at the end advice change of attorneys that the city’s! of their financial resources and un in the Rueger springs flow able to hold a roof over their head rights be maintained and at' or retain their farms unless they are itnay' time legally of peak demand V the cost given aid in the form of government of operation is at its lowest for the loans amount of water delivered Thei Issue Aggravated reclamation pumps throw about 220 It Is perfectly apparent that the gallons per minute more than is pro- ability of these borrowers to repay duced by the wells The American these loans and the interest depends Falls Realty & Water Works sys-- i upon economic factors anjj circum- tenj which supplies the south part stances entirely beyond their control of the city has been using some of and circum- the municipal supply while repairs If all these factors stances Operate to bring a return of were being made to its mains the full tide of prosperity t p farmer ADDRESSES DEMOCRATS and home owner the borrowers win POCATELLO Idaho — John W be in a position to repay their loans If not then the government must Foreman state director of the federal foot the bills Everyone may draw reemployment service addressed the his own conclusion as to the pros- Young Democrats of Pocatello in pects at present for the money now - Antlers hall Monday night on the being poured out by the federal gov- value of organization and of to hofhe owners and farmers ing out the vote at election ever Being repaid by them Moreover the situation is fuitber The Lodi wine dislrirt of ' hv the fixed poliry of this nia keeps 12 wineries in operaUon of a combined storage rapacity adnvnistraiinn In repudiate honorable ( public obligations and to encourage15 9)0000 gallons of wine' Select Furs in a Cool Store! 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